August 03, 2011


So John Boehner has said that he's very happy about the debt ceiling hike since he got 98% of what he wanted. Great negotiating, Obama! And we all know that republicans want the economy to tank to improve their chances in the 2012 elections. Well, here ya go! The "fiscally responsible" deal will lose us almost 2 million jobs in 2012. Everyone who voted for this is a flop.

And now Obama is claiming to shift is focus to jobs. As he's said he would do in the last 2 SOTU addresses. I guess we never realized that his "focus" meant cutting almost 2 million jobs. What a loser.

REPORT FROMTHINKPROGRESS.ORG: Debt Ceiling Deal Will Cost 1.8 Million Jobs In 2012

By Marie Diamond

The Economic Policy Institute, a top nonpartisan think tank, estimates that the deal struck this weekend to raise the nation’s debt limit will end up costing the economy 1.8 million jobs by 2012. Today the Senate is expected to approve the package passed yesterday by the House and send it to President Obama. But while the unemployment rate remains above 9 percent, the deal does nothing to address chronic joblessness.

The agreement would reduce spending by at least $1 trillion over 10 years, but even the near-term cuts could shrink already sluggish GDP growth by 0.3% in 2012.

Nobel Prize-winning economist Paul Krugman called the plan “a disaster” and “an abject surrender” that will “depress the economy even further.”



One of the good things about the debt ceiling bill was that it actually dared to cut defense $. Well say goodbye to one of those few good things: "Out of a bill that was supposed to cut government spending and waste wherever it is found, lawmakers managed to cobble together an additional $50 billion for the U.S. Defense Department's budget, using an accounting trick to disguise the move."

They'll never cut defense or tax breaks for the wealthiest, but we've actually managed to find a black democratic pres who gladly gives into cuts which kill jobs in a recession.